How to do your Amazon Monthly Bookkeeping, Amazon Seller Central, QuickBooks Online, 2023

*Update* New Updated Video Available:    • 2024 Update - How to do your Amazon B...  

I recommend QuickBooks Online for your Amazon Seller bookkeeping. Get the current QuickBooks Online deal through my referral link: https://www.SmallBusinessSarah.com/qu...

Let me show you how to do your Amazon Monthly Bookkeeping in QuickBooks Online. This method does not use any apps or integrations. It's fast, easy, accurate, and done once a month. This is a great bookkeeping solution for every Amazon Seller in Amazon Seller Central. It's the method I use every month for all of my bookkeeping clients.

I'm using QuickBooks Online for my bookkeeping. It's the program I love to use and highly recommend. Here's my referral link: https://www.SmallBusinessSarah.com/qu...

If you need to set up your Amazon Chart of Accounts, watch this video first:    • Bookkeeping Chart of Account (Categor...  

Here's how to tie out your Profit & Loss report at year end to the 1099 you receive from Amazon:    • Amazon Sellers, Received an Amazon 10...  

For more e-commerce tax and bookkeeping help head to:
https://www.SmallBusinessSarah.com

Time Stamps
0:00 Let's get started with Amazon Seller Bookkeeping!
0:40 Method relies on inputting monthly activity from Amazon in the form of a journal entry
0:55 Find the information from the Amazon home screen (Choose Reports → Payments → Date Range Reports → Generate Reports → Summary → Choose the Month → Generate → Refresh → Download)
1:45 Summary of Amazon Report
3:07 Highlight specific accounts that are reported in Amazon that we want to separate out in the journal entry so the QBO Profit & Loss matches Amazon’s numbers on the 1099.
4:40 Numbers to break out for income
8:41 Numbers to break out for expenses
10:19 Notes on sales tax
11:32 What to do with this information in QBO
11:48 Categorize Amazon transactions in QBO
12:55 Make the Journal Entry (Click New → Journal Entry)
17:05 How this works together in the Register
19:58 How the journal entry appears on Profit & Loss statements (Reports → Profit & Loss → This Year → Run Report) and compares to the Amazon report
21:37 How the journal entry appears on the Balance Sheet (Reports → Balance Sheet → This Year → Run Report)
22:34 Review of process and big picture concepts and how this all works together

This video is for informational purposes only and does not constitute accounting or tax advice.